Also in this playlist...
This transcript is automatically generated
Thanks what happens.
It's not just the president wants the debt ceiling raised -- the CEO of JPMorgan Chase Jamie Dimon.
He made news today when he announced that not raising the debt ceiling would be quote potentially catastrophic talk about Fairmont.
Does that really surprising when it's firms like JPMorgan Chase that benefited heavily from government spending.
And considering the sizeable bank lobby will politicians -- too afraid to vote against raising the debt ceiling.
Here -- to help us figure out all of that is my friend and colleague Lou Dobbs host of Lou Dobbs tonight at 7 PM.
Right before us on the Fox Business Network -- it's a pleasure -- her exit there are these guys sort of shameless these bankers that wanna raise the debt ceiling because they wanna participate in this government -- are they making prudent independent economic analysis of what's good -- Well -- certainly making a prudent independent economic analysis of what's good for them.
And there is the view as you know on Wall Street that that is an absolute analogue for the being the same as a national interest for Lloyd Blankfein -- -- Goldman Sachs thing famously.
He's doing God's work.
I mean they're all sorts of peculiar perspectives.
But the fact that he -- Jamie Dimon has his view JPMorgan Chase which is shared by most bankers' -- suggest.
But the interesting part is.
Where is the countervailing influence to the massive.
Economic and political power.
On Wall Street and financial institutions across the country many big banks that we have now for -- five and they control they control the banking industry and a half dozen can troll.
More than half from the outset you can argue much -- than -- -- assets.
But interestingly there about twenty banks have -- the money center banks rate and within that.
There -- -- resides immense power Jamie -- by the way.
Charted his bank through a course of disaster and chaos for others CEOs.
And I mean every other CEO was in real let's say okay.
Who is -- that helped Jamie -- through that disaster and chaos the American taxpayers are well actually.
Yeah was a vocal band at the federal response -- every bottle that up and uncle Ben I'm more more appropriately but the fact is.
He did the best job security -- his institution through the chaos of 2008 but our question.
But the point is why should he be holding forth as the principal voice on whether or not to raise that that's -- my pounding and pounding.
On this show on your show -- with you in the whole place.
Against raising the -- and -- is due to reevaluate.
Ever so slightly.
Your view about whether it should be raised her husband and I make no success with it whatsoever I know you've.
You have been very entertaining throughout as well as education.
But in all seriousness I I do not believe that the debt ceiling should be.
Raised with out.
Potentially can drink -- -- it's a condition precede.
-- -- -- reining -- of spending.
But the efficacy of doing so I haven't heard an intelligent plan judgments -- sort of night.
As to how to link the -- well we have a balanced budget amend our we have proposed we have a -- -- The linkage between the two should reside in the minds of every one of our senators our congressman.
And our president -- doesn't that's why I have argued very simply the only way to restrain it to restrain the congress and future congresses is to make an unlawful bar.
Wanna switch gears -- -- -- Is for the American people to take control of a government.
And the principles ceiling that we have hit in Washington DC is not the -- is but the competency.
All of our elected Scott Garrett who is your congressman right line in the house Verizon and it's a fiscal conservatives sat right there two minutes ago and said the same thing.
Which is which is having -- company and he's all right are right exactly which is more immoral default.
Or burdening our grandchildren.
With debt from money we spent yesterday.
They -- morality is expecting.
A different conclusion -- behavior that is absolutely.
Repetitious over the course of thirty years.
Is an electorate that continues to tolerate the these people we are electing to Washington DC.
Is on American people who -- who have inherited the greatest political and economic system.
In the history of this world grade and who taken for granted and who are right now squandering well.
As well last the next -- so I guess you're you're telling me that one is not worse than the other they're both morally.
I'm saying to you without question if the American people do not become energized and go to the polls and understand these issues.
That it's not going to matter what the judge -- we're -- or anybody else.
The major decisions -- have been -- if you like this kind of sophisticated analysis turn on the on the Fox Business Network an hour before freedom watching -- Lou Dobbs every night of the week.
Thank you my friend -- pleasure isn't.
Filter by section